Behind Mahindra Finance's innovative method to foster women’s inclusion

The banking industry may be one of the largest employers of women in India, but its close cousin, the NBFC sector, where most roles are in frontline sales and collection, is a different story. For a well diversified NBFC focussed on semi-urban and rural locations, the challenge is further compounded. “We find it challenging to hire women [for these set-ups or roles], and more so to retain and sustain them,” says Manish Sinha, Chief Human Resources Officer of Mahindra Finance.

Over 80% of the Mahindra Group company’s 26,000-plus employees are involved in frontline sales and collections, involving extensive travel to remote areas. Yet, gender diversity is a crucial business imperative for the company, which boasts an asset book of Rs 96,217 crore and annual income of Rs 11,056 crore.

Sinha says household buying decisions are no longer made only by men, whether in rural or urban areas, or for high-value purchases or experiences. “All these decisions are made equally in active consultation and agreement with the women. To cater to that, the right representation of that cohort must exist within the organisation.”

Since August 2023, the company has rolled out a slew of women-friendly policies and initiatives for its 975 women employees, many of whom are in junior management positions and in the age group of 30-50 years. These initiatives include a comprehensive maternity transition policy, allowing newborns and caregivers to accompany mothers on business trips until two years after childbirth, business class air travel for international trips during the last trimester, a fair appraisal system during maternity break; two days of menstrual leave per month; and a second career programme. Mahindra Finance has also identified frontline roles and locations suitable for women recruits. All these initiatives helped it emerge as the Best NBFC in Talent & Workforce in the BT-KPMG Best Banks and NBFCs Survey 2023.

Although gender diversity percentages remain modest, Sinha says healthy discussions and a growing understanding of the importance of overcoming gender barriers have permeated the organisation, from business-level leaders to circle and branch offices. “We want to increase the organisation’s diversity mix and promote equal opportunities for all,” he says. 

@SaysVidya